Key Points
- Trading volumes and prices for select NFTs are on the rise, buoyed by Bitcoin’s performance.
- Ethereum-based NFT project, Milady Maker, has seen a significant increase in sales and transactions.
Bitcoin’s Performance Boosts NFT Projects
Bitcoin’s challenge to its all-time high has sparked optimism in other crypto-market sectors.
This optimism has led to a surge in prices and trading volumes for select non-fungible tokens (NFTs).
Bitcoin Ordinals, a prime NFT, saw its trading volume exceed $51 million yesterday, a level not witnessed since December 2023.
This surge in interest also resulted in transaction count and user metrics reaching similar highs.
Notable NFT Projects Experience Growth
NodeMonkes, a premier Bitcoin NFT, saw its price surge by roughly 25% to 0.875 Bitcoin (BTC) on Magic Eden.
The 24-hour trading volume reached nearly 282 BTC, and the collection’s sales have risen by over 56%.
Bitcoin Puppets, another NFT collection, has seen a similar increase, with its floor price currently exceeding a quarter of a Bitcoin.
Additionally, Magic Eden has established itself as the leading platform for Ordinals trading, accounting for nearly 77% of the volume.
Bitcoin Ordinals serve as a method to store data such as images and text directly on the Bitcoin blockchain.
This functionality enables the creation of NFTs on the Bitcoin network, also known as Ordinal NFTs.
Ethereum-based NFT Projects Also See Growth
The surge in NFT prices is not exclusive to Bitcoin.
The Ethereum (ETH)-based NFT project, Milady Maker, has experienced a 24-hour sales increase of approximately 240%, with transactions rising by 186%.
This increased interest has pushed the collection’s floor price to almost 5 ether ($17,000), a seven-day increase of more than 110%.
Redacted Remilio Babies, a Milady-adjacent NFT, has also seen its floor price increase to 1.47 ether on Blur, a one-day change of 40% and a seven-day increase of 117%.
However, other prominent Ethereum NFTs have not fared as well over the past week.
For instance, Pudgy Penguins’ floor price has declined by nearly 24% in the past seven days, while Azuki has dropped more than 17%.
Despite this, the overall NFT sales volume has grown by over 35% in the past seven days.
